Locals, faculty await stimulus package

Waiting for the relief of federal stimulus money to kick in, Morningside Heights businesses and Columbia administrators anticipate an economic boost that has yet to reveal its local significance.

In January, President Barack Obama, CC ’83, announced his plan to inject $75 billion into the economy in the form of tax cuts and direct spending targeted to homeowners, working families, seniors, and the unemployed. As this stimulus money funnels through federal and state governments, expectation—and sometimes frustration—is building at the local level.
“We are interested in giving shovel-ready projects the opportunity to get funds,” said State Senator Bill Perkins, who represents West Harlem. Perkins intends to facilitate a discussion during the first week of April that will be open to the public and focus on the allocation of stimulus funds.

In the meantime, he remains optimistic about the actions Obama is taking to cope with economic woes. “As the first elected official in the state to endorse Obama, I feel he is living up to my expectations in a very important way. He is delivering now.”

Perkins said he expects a “multiplying effect, which will result in more jobs, and more people spending money.”

Associate Director of the School of Engineering and Applied Sciences Rebecca Rodriguez, who is also the director of the Center for Technology, Innovation & Community Engagement, echoed Perkins’ sentiment. She suggested that stimulus funds could likely go to local community programs such as “job creation and training, small business services, and any vehicles that support leveraging the University’s resources for economic development.”

Rodriguez said, “I am optimistic that a concerted effort from the University in the Upper Manhattan arena would mean there is a good chance stimulus dollars could come our way.”
Although the extent and distribution of stimulus funds for Columbia has not yet been finalized, Department of Economics Chair Janet Currie expressed her positive outlook on the University’s prospects. “Columbia University should benefit substantially from that part of the stimulus money that is going to support research,” she said in e-mail.

Currie noted, “the new money is especially welcome at a time when cuts in income from the endowment, and other programs are being felt,” and added that the National Science Foundation and the National Institutes of Health have already received funding support for research.

Yet beyond the campus gates, some local politicians are not as pleased with how stimulus dollars are being spent.

City Council member Robert Jackson, who represents Morningside Heights and chairs the Education Committee, has cast a critical eye on the dearth of funds for school-building. Jackson’s spokesperson Sarah Morgridge said of the stimulus, “He is very disappointed that it does not include money for new construction of schools. It wasn’t worded in such a way that would lead to long-term change.” Morgridge argued that the funds would not stimulate, but would merely “soften cuts of officeholders, helping them balance the budget.”

Local business owners shared similar doubts. “Cutting taxes is good, but if people get money, I am afraid they will leave it under the mattress,” Justin Faye, manager of West Side Stationers on Broadway at 109th Street, said. Chuck Munn, owner of Creative Health on Broadway at 108th street, said, “I have hope, but I don’t expect it to get better.”